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You are a shareholder in XViti Limited. XViti Limited's shares are trading in the market at $7.50. XViti Ltd today announced a renounceable rights issue offer which provides you with a right to subscribe for one new share at $6.50 for each 4 shares that you hold.
(a) Explain the effect of the offer being renounceable and consider one of the shareholders' perspectives in this rights issue and develop an argument for why it should be the most important/credible option for a shareholder.
(b) Calculate the price of the right.
(c) Calculate the theoretical ex-rights share price.
Describe some conceptual problems with this once-popular practice.
An investor pays $800 for a $1000 par bond carrying 5% coupon rate (coupon payments made semi-annually) during a period of economic stress.
What annual internal rate of return did you earn over the last 10 years if you convert the bond today? What annual rate of return did you earn over the last 10 years if, instead of converting.
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The 5.63 percent, $1,000 face value bonds of Tim McKnight, Inc., are currently selling at $936.78. What is the current yield?
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